Crude Oil Movement
Crude Oil prices declined 4.38% against the USD for the 24-hour period ending 23:00GMT, closing at 36.67, reversing its previous session gains, after the Saudi Deputy Crown Prince, Mohammed bin Salman, indicated that the kingdom will participate in a production freeze only if Iran and other major producers agree to do so.
Separately, Baker Hughes reported that the US oil rig count declined by 10 to a level of 362 in the week ended 01 April.
In the Asian session, at GMT0300, the pair is trading at 36.39, with the oil trading 0.76% lower from Friday’s close.
The pair is expected to find support at 35.59, and a fall through could take it to the next support level of 34.78. The pair is expected to find its first resistance at 37.79, and a rise through could take it to the next resistance level of 39.18.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
